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Indonesia’s Crypto Tax Revenue Falls 63% in 2023 Despite Bitcoin’s Surge - BSCDesk : Binance Smart Chain and Crypto News

Indonesia’s Crypto Tax Revenue Falls 63% in 2023 Despite Bitcoin’s Surge

Indonesia’s Ministry of Finance said the total tax revenue from crypto in 2023 was $31.7 million (Indonesian Rupiah 467.27 billion).

The country’s tax revenue last year fell 62% compared to the partial collection period in 2022, when the tax regime was introduced in May 2022.

Crypto transactions in Indonesia are subject to dual taxation: a 0.1% income tax and a 0.11% value-added tax (VAT). Additionally, local crypto exchanges must contribute around 0.04% tax to the national crypto bourse.

On the other hand, bitcoin (BTC) jumped 159% in 2023. Despite this significant market upturn, Indonesia’s crypto tax revenue experienced a downturn, paralleling a 51% decrease in the country’s crypto transaction volumes during 2023 compared to the previous year in 2022.

It’s worth noting that local exchanges have protested the high tax rates and blamed them for thinner revenues as users seek alternatives. Indonesia’s local exchanges had proposed that crypto transactions should only be subject to income tax, not VAT. The exchanges’ suggestion comes as the country’s Financial Services Authority (OJK) prepares to regulate crypto from January 2025. They believe this adjustment would classify crypto more as a security than a commodity.

Last month, prominent Indonesian exchange INDODAX highlighted that the total taxes on crypto transactions in the country often exceed the trading fees. This raises fears of users switching to overseas or illegal exchanges for cheaper transactions.

In a related development, the Blockchain Association of Indonesia reported in May 2023 that 303 illegal exchanges are operational within the country, significantly undermining the formal tax system.

Edited by Parikshit Mishra.

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